Eric Cantor's Small-Business Tax Cut Faces Threat Of Presidential Veto

[auditor0007]

Eric Cantor's Small-Business Tax Cut Faces Threat Of Presidential Veto

WASHINGTON -- In the second major shot in Washington's ideological battle over taxes this week, the White House on Tuesday slammed a small-business tax-cut proposal in the House as a handout for the "fortunate" and threatened to veto it.

The Small Business Tax Cut Act of 2012, sponsored by House Majority Leader Eric Cantor (R-Va.), would slash taxes on the adjusted gross income of as many as 22 million small businesses -- those with fewer than 500 employees -- by as much as 20 percent for one year. It would add $46 billion to the deficit.

The House is set to consider the bill on Thursday. On Monday, Senate Republicans blocked the Buffett Rule, a measure from the ideological opposite end of the spectrum, which aimed to ensure that multimillionaires and billionaires paid at least a 30 percent tax rate.

Cantor argues that the average $6,500 tax break resulting from his measure would serve as a potent economic stimulus, which could spur growth by letting entrepreneurs keep more of their money to spend and reinvest as they saw fit.

"This is a bill which will directly help small businesses create jobs," Cantor told reporters on Tuesday. "And as the Senate voted last night and the Democrats brought up their priority, which was to raise taxes, we believe you ought to reduce taxes on small businesses to create jobs. And in fact, there's a study out, which shows that this bill, when fully implemented, will create an additional 100,000-plus new jobs."

Eric Cantor's Small-Business Tax Cut Faces Threat Of Presidential Veto

I really have to hand it to the Republicans. They are as incompetent as ever. I would have no problem supporting any tax cut that creates new jobs, given the cost is reasonable. However, here we have a proposal to issue a tax credit that will cost taxpayers $46 billion, and even the Republican supporters state that it will only create around 100,000 new jobs. Now think about this and do the math. That works out to $460,000 of taxpayer money for each and every single new job. And Cons were complaining about the stimulus package? WTF?

To make matters worse, it is stated that it would slash taxes for over 22 million small businesses at an average of $6500. If that is true, then the actual cost is closer to $143 billion making each new job created cost taxpayers $1,430,000. We really need more of these types of tax cuts, don't ya think?

 

[auditor0007]

Really, 26 views and not one single comment?

 

[auditor0007]

This really is amazing, nobody has anything to say. I guess I should have started a post about eating monkey brains or giving my cat a bath by forcing it in the toilet and shutting the lid. Those types of posts seem to do well around here.

 

[C_Clayton_Jones]

Really, 26 views and not one single comment?

Likely because there’s nothing new here from the GOP House, yet another pointless partisan measure designed to be fodder for republican stump speeches this Fall. The intent was for Obama to veto the bill, and never become law.

 

[rdean]

This really is amazing, nobody has anything to say. I guess I should have started a post about eating monkey brains or giving my cat a bath by forcing it in the toilet and shutting the lid. Those types of posts seem to do well around here.

True. I started a thread just now about the new law being voted on in North Carolina that would end domestic violence protections and benefits for straight people in civil unions and some dumbass right winger went after me for creating a troll thread. They vote on this Amendment on the 8th.

Instead, they want to focus on the REAL issues. Like Obama possibly eating dog meat when he was 10 years old and his birth certificate. Important things like that.

I have a difficult time believing anything from Eric Cantor being beneficial. This is a guy who said victims of hurricanes and tornadoes shouldn't necessarily get government aid. Then his home state was hit with an earthquake and a hurricane.